It looks like only Shiba Inu can save Robinhood from its crypto trading revenue dip.
Robinhood released its Q3 performance results and the filing shows that its revenue has dwindled sharply. Its crypto trading revenue is just $51 million as compared to $233 million during the second quarter of 2021. Also, 61% of the Q2 profits came from Dogecoin alone, and now it looks like SHIB can pull Robinhood out of its financial misery.
The dip in revenue can be associated to Dogecoin being stagnant in the market. Doge has shown limited growth after it touched its all time high (ATH) of $0.74 on May 8, 2021.
In addition, Dogecoin’s hype is slowly fizzling out and that is a cause for concern in the Robinhood team.
Shiba Inu to the Rescue
Robinhood listing Shiba Inu on their platform can open the floodgates of new customers and boost its sales. Therefore newer costumers coming to Robinhood to buy SHIB will change its Q4 results and bring profits like no other.
In other words, Robinhood can repeat the Dogecoin phenomena through SHIB and enjoy the larger share of the revenue pie. The new investors will also buy other stocks and cryptos giving Robinhood the must needed boost.
Shiba Inu has a similar fanfare like Doge and its hype will not fizzle out anytime in the near future. The trading platform needs to make the most out of this opportunity for the betterment of its revenues.
Robinhood Stock Price Tumbles -8%
As soon as Robinhood released their Q3 results, their stocks tumbled -8% in the days trade. Investors are unhappy with the bad quarterly earnings and many sold their assets and jumped ship.
However, at the end of the days trade, investors made use of the dip and purchased more shares. The trading platform recovered to +0.56 but another dip is expected.
Robinhood announced they would release their much awaited ‘crypto wallet’ and it is expected to release by the end of 2021. Reports state that Robinhood will announce listing Shiba Inu on their platform after they release their crypto wallet. Nonetheless, the rumours are not confirmed and we have to wait for an official confirmation from the top trading platform.
More importantly, Shiba Inu’s prospects will rise further post the listing and could reach a new all time high. The coin has managed to knock out six ‘zeroes’ in the span of a year. A RH listing will slowly and steadily delete many more ‘zeroes’ from its trade.
Shiba Inu at the time of publishing was trading at $0.00005704 and is up a staggering +37.57% in the 24-hours trade.